ONEOK Partners LP

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  • Overview: ONEOK Partners and its 3 operating segments
    Energy & Utilities

    Overview: ONEOK Partners and its 3 operating segments

    ONEOK Partners (OKS) is a master limited partnership (or MLP) engaged in gathering, processing, storing, and transporting natural gas and natural gas liquids (or NGLs) in the U.S.

    By Keisha Bandz
  • uploads///broker recommendations
    Earnings Report

    Is ONEOK Positioned Well Enough to Continue Growing Its Earnings?

    Of the analysts surveyed by Bloomberg, 12% rated ONEOK (OKE) a “buy,” and 76% rated it a “hold.” About 12% of the analysts rated it a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///NSPC
    Company & Industry Overviews

    How Dividend Increase Could Affect Williams Companies Stock

    Williams Companies (WMB) opened ~2% higher on Tuesday, February 21, 2017, after it announced a 50% increase in dividends from $0.20 per share to $0.30 per share.

    By Kurt Gallon
  • uploads///fractionation spread
    Macroeconomic Analysis

    How a Fall in Fractionation Spread Affected MLPs Last Week

    The Henry Hub-Mont Belvieu fractionation spread fell to $10.1 per barrel for the week ended October 16, 2015.

    By Rekha Khandelwal, CFA
  • uploads///Losers
    Macroeconomic Analysis

    Targa Resources Partners: Top Midstream Loser on July 30

    Targa Resources Partners (NGLS) was the top loser among midstream MLPs at the end of trading on Thursday, July 30. It fell 4.13% yesterday.

    By Kurt Gallon
  • uploads///Frac spread
    Macroeconomic Analysis

    Key for Investors: The Fractionation Spread Rose Last Week

    The Henry Hub–Mont Belvieu fractionation spread rose to $13.0 per barrel in the week ending May 13, 2016. The spread was $12.4 per barrel in the previous week.

    By Kurt Gallon
  • uploads///OKE EBITDA by segment
    Earnings Report

    How ONEOK’s Segments Are Expected to Have Performed in 3Q16

    ONEOK (OKE) operates as a pure-play general partner of ONEOK Partners (OKS). To analyze OKE’s earnings levers, we need to look at OKS’s operating segments.

    By Rekha Khandelwal, CFA
  • uploads///distribution growth
    Earnings Report

    Enterprise Products Is Expected to Increase Distributions in 2015

    Enterprise Products trades at a distribution yield of ~4.9%. One of the reasons for EPD’s relatively lower distribution yield might be its distribution coverage ratio.

    By Rekha Khandelwal, CFA
  • uploads///oks  guidance
    Earnings Report

    ONEOK Partners Maintains Guidance for 2016

    ONEOK Partners expects adjusted EBITDA of $1.9 billion for 2016 and DCF (distributable cash flow) of $1.4 billion for the year.

    By Rekha Khandelwal, CFA
  • uploads///distributions declared to oke
    Company & Industry Overviews

    How Does ONEOK Partners’s Growth Benefit ONEOK?

    At the current ownership level, nearly 70% of every incremental ONEOK Partners (OKS) adjusted EBITDA dollar flows to ONEOK (OKE) as ONEOK Partners distributions.

    By Rekha Khandelwal, CFA
  • uploads///Losers
    Macroeconomic Analysis

    Dominion Midstream: Top Midstream Loser on Friday, July 24

    Dominion Midstream Partners (DM) was the top loser among midstream MLPs at the end of trading on Friday, July 24. It fell 3.05%.

    By Kurt Gallon
  • uploads///ebitda vs consensus estimates
    Earnings Report

    Higher Volumes Drive ONEOK’s 2Q16 Earnings Growth

    ONEOK (OKE) reported its 2Q16 results on August 2, 2016, after the Market closed. Its 2Q16 analyst-adjusted EBITDA increased 15.2%.

    By Rekha Khandelwal, CFA
  • uploads///fractionation spread
    Macroeconomic Analysis

    Week Ended September 18: Rise in Fractionation Spread Affects MLPs

    The Henry Hub–Mont Belvieu fractionation spread rose to $9.12 per barrel for the week ended September 18, 2015. The spread was $8.86 per barrel in the previous week.

    By Rekha Khandelwal, CFA
  • uploads///how did oke fare last week
    Company & Industry Overviews

    ONEOK Stock Rose Compared to the Energy Sector Last Week

    ONEOK (OKE) rose 4.4% for the week ending March 31, 2017. In comparison, the Energy Select Sector SPDR ETF (XLE) rose 2%.

    By Rekha Khandelwal, CFA
  • uploads///natural gas pipelines
    Energy & Utilities

    Overview: ONEOK Partners’ natural gas pipelines segment

    ONEOK Partners’ (OKS) natural gas pipelines segment owns and operates regulated interstate and intrastate natural gas pipelines and natural gas storage facilities.

    By Keisha Bandz
  • uploads///performance by subgroup
    Miscellaneous

    Why Gathering and Processing MLPs Outperformed in 1Q17

    Gathering and processing MLPs were the best performing MLPs in the first quarter of 2017. The subgroup rose 14.7%.

    By Kurt Gallon
  • uploads///okes ytd returns exceed peers
    Earnings Report

    Will ONEOK’s 2Q16 Results Contribute to Its Outperformance?

    ONEOK (OKE) has generated total returns of 86% so far in 2016. In comparison, KMI, OKS, and WMB have generated total returns of 35%, 40%, and -0.2%, respectively.

    By Rekha Khandelwal, CFA
  • uploads///Org structure
    Earnings Report

    Energy Transfer’s 4Q16 Earnings Are Important for Investors

    Energy Transfer has taken an important step to simplify its organizational structure by announcing the merger of ETP and SXL.

    By Kurt Gallon
  • uploads///meps operational metrics
    Company & Industry Overviews

    Commodity Prices Impact Midcoast Energy’s Operations

    Midcoast Energy Partners’ (MEP) natural gas throughput volumes fell in 2Q15 compared to 1Q15 and 2Q14. The decrease was primarily due to the low commodity price environment for natural gas and NGLs.

    By Rekha Khandelwal, CFA
  • uploads///Ethane rejection
    Energy & Utilities

    Why ONEOK Partners expects ethane rejection to continue

    Price differentials between ethane and natural gas have resulted in ethane rejection at most of ONEOK Partners’ natural gas processing plants. Ethane rejection is also being seen in customers’ gas processing plants that are linked to OKS’ natural gas liquids assets.

    By Keisha Bandz
  • uploads///Analyst recommendation
    Earnings Report

    Analysts’ Recommendations for Williams Partners

    At a broader level, ~50% of analysts surveyed by Bloomberg rate Williams Partners a “buy” and the remaining ~50% rate it a “hold.”

    By Kurt Gallon
  • uploads///natural gas gp contract mix
    Energy & Utilities

    Must-know: ONEOK Partners’ segment-wise contract mix

    Now that we’ve looked at various sources of margin across ONEOK Partners’ (OKS) business segments, let’s delve deeper into the margin mix within these segments.

    By Keisha Bandz
  • uploads///natural gas liquids segment operating data
    Company & Industry Overviews

    ONEOK Partners: Natural Gas Liquids Segment Generates Most Income

    The volume of NGLs transported on ONEOK distribution lines decreased mainly because of diminished optimization activity.

    By Rekha Khandelwal, CFA
  • uploads///Gainers
    Macroeconomic Analysis

    Enable Midstream: Top Midstream Gainer on Friday, August 7

    Enable Midstream Partners (ENBL) was the top gainer among midstream MLPs at the end of trading on Friday, August 7. It rose 6.10%.

    By Kurt Gallon
  • uploads///how did oke fare last week
    Miscellaneous

    Amid the Fall in Crude Oil, ONEOK Ended Positive Last Week

    ONEOK (OKE) rose 0.5% during the week ending March 24, 2017. In comparison, the Energy Select Sector SPDR ETF (XLE) fell 1.8% last week.

    By Rekha Khandelwal, CFA
  • uploads///gathering and processing segment
    Energy & Utilities

    ONEOK Partners’ natural gas gathering and processing segment

    ONEOK Partners’ (OKS) natural gas gathering and processing segment provides natural gas gathering, compression, treatment, and processing services to natural gas producers.

    By Keisha Bandz
  • uploads///supply factors
    Energy & Utilities

    Must-know: Supply-related factors that affect ONEOK Partners

    Natural gas, crude oil, and NGL (or natural gas liquid) supply is affected by several factors that could be supply related or demand related.

    By Keisha Bandz
  • uploads///performance by subgroup
    Macroeconomic Analysis

    Why Gathering & Processing MLPs Outperformed Others in February

    Gathering and processing MLPs In this article, we’ll analyze the performance of MLP subgroups in February 2017. Among these subgroups, the gathering and processing subgroup, which includes Williams Partners (WPZ), ONEOK Partners (OKS), and MPLX LP (MPLX), benefited from a slight recovery in drilling activity. Gathering and processing MLPs’ throughput volumes are directly linked to […]

    By Kurt Gallon
  • uploads///how did oke fare last week
    Miscellaneous

    Weakness in ONEOK Continues, Stock Fell 2.8% Last Week

    ONEOK (OKE) fell 2.8% in the week ending March 17, 2017. In comparison, the Energy Select Sector SPDR ETF (XLE) fell 0.3% last week.

    By Rekha Khandelwal, CFA
  • uploads///distribution
    Macroeconomic Analysis

    Which MLPs Could Continue Strong Distribution Growth in 2017?

    Out of 117 MLPs, 37 managed to grow their distribution while 68 MLPs kept their distribution unchanged until 3Q16.

    By Kurt Gallon
  • uploads///how did oke fare last week
    Miscellaneous

    Oneok Stock Fell 1.7% Last Week, Underperformed Energy Sector

    Oneok (OKE) fell 1.7% last week, which ended April 28, 2017. It has fallen 8.0% year-to-date.

    By Rekha Khandelwal, CFA
  • uploads///US NG Inv
    Macroeconomic Analysis

    Explaining the Rising US Natural Gas Inventories and Falling Prices

    The EIA report for the week ending September 25 showed that US natural gas inventories increased by 98 Bcf, rising to 3,538 Bcf that week.

    By Keisha Bandz
  • uploads///organizational structure
    Energy & Utilities

    Must-know: Why ONEOK restructured its business, creating ONE Gas

    Earlier this year, ONEOK (OKE) created a new stand-alone publicly traded company called ONE Gas (OGS), separating its natural gas distribution business into a separate dedicated company. The company believes that by having two separate companies, each of the companies will have a greater focus on its individual strategy, financial strength, and growth potential.

    By Keisha Bandz
  • uploads///Operating Results
    Earnings Report

    Energy Transfer Partners: 2Q15 Operating Results

    In this series, we’ll look at Energy Transfer Partners’ 2Q15 operating results, contrast actual numbers against analyst estimates, and compare individual segment contributions.

    By Kurt Gallon
  • uploads///forward ev to ebitda and ebitda growth
    Company & Industry Overviews

    MLPs or Upstream Companies: Where Should You Invest?

    In addition to the attractive yields discussed previously, MLPs offer other benefits. The average beta of all Alerian MLP Index companies is 1.2.

    By Rekha Khandelwal, CFA
  • uploads///weekly AMLP yr treasury spread
    Macroeconomic Analysis

    Why MLP and 10-Year Treasury Yields Converged Last Week

    US ten-year Treasury yields rose to close at 2.1% on October 9. They traded at a yield of 2% at the end of the previous week.

    By Rekha Khandelwal, CFA
  • uploads///fractionation spread
    Macroeconomic Analysis

    How a Fall in Fractionation Spread Impacted MLPs

    The Henry Hub–Mont Belvieu fractionation spread fell to $8.10 per barrel in the week ended January 1, 2016. The spread was $10.60 per barrel in the previous week.

    By Rekha Khandelwal, CFA
  • Energy & Utilities

    Why the Permian Basin is important for ONEOK Partners

    From January 2007 to September 2014, crude oil production in the Permian more than doubled—from 0.84 million barrels per day (or bpd) to 1.72 million bpd.

    By Alex Chamberlin
  • uploads///Map
    Energy & Utilities

    Why ONEOK Partners acquires Permian assets from Chevron

    On October 27, ONEOK Partners (OKS) announced that it agreed to acquire Chevron Corporation’s (CVX) natural gas liquids (or NGLs) pipeline assets.

    By Alex Chamberlin
  • uploads///natural gas liquids
    Energy & Utilities

    Overview: ONEOK Partners’ natural gas liquids segment

    ONEOK Partners’ (OKS) natural gas liquids segment provides natural gas liquid gathering, fractionation, transportation, marketing, and storage services to its producers.

    By Keisha Bandz
  • uploads///other growth trends
    Energy & Utilities

    Must-know: ONEOK Partners’ growth trends and strategies

    Producers currently receive higher market prices for crude oil and NGLs (or natural gas liquids) compared to natural gas. So many producers have focused their drilling activity in NGL-rich shale areas rather than areas that produce dry natural gas.

    By Keisha Bandz
  • uploads///Nat Gas Pipelines
    Energy & Utilities

    High contract volume: A steady cash flow for Natural Gas Pipeline

    The operating income for the Natural Gas Pipeline segment for 1Q14 was $55.1 million versus an operating income of $48.7 million in 4Q13, an increase of ~13%.

    By Alex Chamberlin
  • uploads///MA
    Miscellaneous

    Could M&A Activity Pick Up for MLPs after 1Q17?

    MLPs had a good start to 2017 in terms of M&A activity. The sector saw deals amounting to $27.6 billion in the first two months of the year.

    By Kurt Gallon
  • uploads///top gainers
    Macroeconomic Analysis

    A Look at Top Performing MLPs in February 2017

    Top MLP gainers of February 2017 Southcross Energy Partners (SXE), which is involved in natural gas gathering and processing, was the top MLP gainer in February 2017. SXE, which was close to filing bankruptcy in 2016, gained 52% in February. However, it is still trading far below the levels it was trading at before the […]

    By Kurt Gallon
  • uploads///oke  financial guidance
    Earnings Report

    ONEOK Aims for 10% Annual Dividend Growth over Next Five Years

    On January 18, 2017, OKE announced its 4Q16 dividend of ~$0.62 per share, which remains unchanged since 3Q16.

    By Rekha Khandelwal, CFA
  • uploads///okes ebitda
    Earnings Report

    Will ONEOK Meet Its Higher 4Q16 Earnings Estimates?

    ONEOK (OKE) is scheduled to report its 4Q16 earnings on February 27, 2017. Analysts expect its EBITDA for the quarter to be $483 million, a 13% increase compared to $427.9 million reported in 3Q16.

    By Rekha Khandelwal, CFA
  • uploads///oke has surged  percent in a year
    Miscellaneous

    ONEOK Acquires ONEOK Partners for $9.3 Billion

    On February 1, it was announced that ONEOK will acquire all of the outstanding common units of ONEOK Partners for $9.3 billion in ONEOK common stock.

    By Rekha Khandelwal, CFA
  • uploads///OKE
    Company & Industry Overviews

    Why Oneok Was Downgraded after Stellar 2016 Market Performance

    Oneok (OKE), the midstream C corporation GP (general partner) of Oneok Partners (OKS), was downgraded by Jefferies from “hold” to “underperform.”

    By Kurt Gallon
  • uploads///trgp analyst recommendations
    Company & Industry Overviews

    Is Targa Resources Stock Set to Generate High Returns in 2017?

    Of the analysts surveyed by Reuters, 60% recommend a “hold” for Targa Resources (TRGP) stock.

    By Rekha Khandelwal, CFA
  • uploads///targa resources stock more than doubled in
    Company & Industry Overviews

    Targa Resources Stock More than Doubled in 2016: What’s Ahead?

    Targa Resources has risen 115% in 2016. In comparison, ONEOK Partners has risen 54%, and Kinder Morgan has risen 42% during the same timeframe.

    By Rekha Khandelwal, CFA
  • uploads///mexico
    Macroeconomic Analysis

    Which Companies Could Benefit from Higher Pipeline Exports to Mexico?

    Natural gas imports by Mexico have increased over the last year, driven by higher usage of natural gas for power generation.

    By Kurt Gallon
  • uploads///kyn and tyg total returns
    Real Insights

    KYN and TYG: MLP Investing through Mutual Funds

    TYG outperformed KYN over the three-year and five-year periods. On the other hand, KYN outperformed TYG over the past year.

    By Rekha Khandelwal, CFA
  • uploads///commodity exposure
    Macroeconomic Analysis

    Getting Familiar with MLP Contracts

    In this article, we’ll look at types of MLP contracts for midstream MLPs. Midstream MLPs generally have fixed-fee contracts.

    By Kurt Gallon
  • uploads///sources of earnings
    Company & Industry Overviews

    Are ONEOK’s Earnings Really Fee-Based?

    ONEOK (OKE) has been making focused efforts to increase its fee-based earnings through contract restructuring in ONEOK Partners’s (OKS) Natural Gas Gathering and Processing segment.

    By Rekha Khandelwal, CFA
  • uploads///oke ebitda by segment
    Company & Industry Overviews

    Which Segment Drives ONEOK’s Growth?

    ONEOK’s (OKE) Natural Gas Gathering and Processing segment’s 3Q16 EBITDA grew 33% year-over-year.

    By Rekha Khandelwal, CFA
  • uploads///asset overview
    Company & Industry Overviews

    Must-Know: ONEOK’s Structure and Business

    ONEOK increased its ownership in OKS from 37.8% to 41.2%, with additional OKS units purchased in August 2015.

    By Rekha Khandelwal, CFA
  • uploads///eeps ytd returns lag peers
    Company & Industry Overviews

    Why 63% of Analysts Call Enbridge Energy Partners a ‘Buy’

    According to analysts surveyed by Bloomberg, the median target price for Enbridge Energy Partners (EEP) for the next year is $26.6.

    By Rekha Khandelwal, CFA
  • uploads///ev to ebitda multiple of eep and peers
    Company & Industry Overviews

    How Enbridge Energy Partners’ Valuation Compares to Its Peers’

    Enbridge Energy Partners’ (EEP) forward EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple is 10.7x.

    By Rekha Khandelwal, CFA
  • uploads///eeps leverage
    Company & Industry Overviews

    Is Enbridge Energy Partners’ Leverage a Concern?

    Enbridge Energy Partners’ (EEP) debt-to-equity ratio is 1.1x. How do other midstream companies compare?

    By Rekha Khandelwal, CFA
  • uploads///eep stock is down  percent ytd
    Company & Industry Overviews

    What Lies Ahead for Enbridge Energy Partners?

    In this series, we’ll analyze Enterprise Energy Partners’ price targets, segment-by-segment performances, leverage, distributable cash flow, capital expenditure, and distribution growth.

    By Rekha Khandelwal, CFA
  • uploads///EBITDA Estimates
    Earnings Report

    What Drove ONEOK’s 3Q16 Earnings Growth?

    ONEOK (OKE) reported its 3Q16 results on November 1, 2016, after the market closed. Its 3Q16 analyst-adjusted earnings before interest, tax, depreciation, and amortization rose 14.4% from 3Q15.

    By Kurt Gallon
  • uploads///sources of earnings
    Earnings Report

    How Much of ONEOK’s Earnings Are Really Fee-Based?

    ONEOK has been making focused efforts to increase its fee-based earnings through contract restructuring in ONEOK Partners’ Natural Gas Gathering and Processing segment.

    By Rekha Khandelwal, CFA
  • uploads///ebitda vs consensus estimates
    Earnings Report

    ONEOK’s 3Q16 Earnings Expected to Rise More Than 20%

    ONEOK and ONEOK Partners are scheduled to report their 3Q16 results on November 1, 2016. Analysts expect OKE’s 3Q16 earnings before interest, tax, depreciation, and amortization to be ~$457 million.

    By Rekha Khandelwal, CFA
  • uploads///third party ethane supply and demand forecasts
    Energy & Utilities

    One-Third of Rejected US Ethane Is on ONEOK’s System

    According to ONEOK (OKE), nearly one-third of all US ethane being rejected is on ONEOK Partners’ (OKS) NGL (natural gas liquid) system.

    By Rekha Khandelwal, CFA
  • uploads///ebitda vs consensus estimates
    Earnings Report

    ONEOK Is Expected to Post Higher 2Q16 Earnings

    ONEOK (OKE) and ONEOK Partners (OKS) are scheduled to report their 2Q16 results on August 2. Here’s what you need to know.

    By Rekha Khandelwal, CFA
  • uploads///psxp institutional holdings
    Fund Managers

    What Do Institutional Investors Think about Phillips 66 Partners?

    Nearly 70% of Phillips 66 Partners’ (PSXP) floating shares are currently held by ~195 institutional investors.

    By Rekha Khandelwal, CFA
  • uploads///trgp is up  percent ytd
    Company & Industry Overviews

    Targa Resources Is Up 47% in 2016: What’s Next?

    Targa Resources (TRGP) has risen 47% so far in 2016. In comparison, the Alerian MLP ETF (AMLP) is up 3% in 2016.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Company & Industry Overviews

    How Does ONEOK Partners’ Valuation Compare to Its Peers’?

    ONEOK Partners is trading at a trailing-12-month enterprise value to earnings before interest, tax, depreciation, and amortization multiple of 12.2x.

    By Rekha Khandelwal, CFA
  • uploads///Frac spread
    Macroeconomic Analysis

    Why Did the Frac Spread Keep Rising Last Week?

    The Henry Hub–Mont Belvieu fractionation spread rose for the third consecutive week to $14.5 per barrel last week.

    By Kurt Gallon
  • uploads///broker recommendations
    Earnings Report

    62.5% of Analysts Rate ONEOK a ‘Hold’ ahead of 1Q16 Earnings

    Of the analysts surveyed by Bloomberg, 25% rated ONEOK (OKE) a “buy” and 62.5% rated it a “hold.”

    By Rekha Khandelwal, CFA
  • uploads///OKEs year to date returns exceed peers
    Earnings Report

    Why Is ONEOK Outperforming Peers in 2016?

    ONEOK (OKE) has generated total returns of 32% so far in 2016.

    By Rekha Khandelwal, CFA
  • uploads///OKE ebitda by segment
    Earnings Report

    How Will ONEOK’s Segments Perform in 1Q16?

    ONEOK’s Natural Gas Liquids segment contributed 77% to the company’s 4Q15 EBITDA (earnings before interest, tax, depreciation, and amortization).

    By Rekha Khandelwal, CFA
  • uploads///ebitda vs consensus estimates
    Earnings Report

    What Will Drive ONEOK’s 1Q16 Earnings?

    ONEOK (OKE) and ONEOK Partners (OKS) are scheduled to report their 1Q16 results on May 3, 2016.

    By Rekha Khandelwal, CFA
  • uploads///Frac spread
    Macroeconomic Analysis

    Behind the Fractionation Spread: Key Investor Data

    The Henry Hub-Mont Belvieu fractionation spread rose to $11.53 per barrel in the week ending March 25. The spread was $11.37 per barrel the previous week.

    By Kurt Gallon
  • uploads///OKEs one year returns
    Earnings Report

    Why Did ONEOK Stock Fall 1.8% in After-Hours Trading?

    ONEOK (OKE) reported its 4Q15 results after the Market closed on February 22, 2016. OKE fell 1.8% in after-hours trading. This was the initial price reaction after the earnings announcement.

    By Rekha Khandelwal, CFA
  • uploads///OKE ebitda by segment
    Earnings Report

    Why ONEOK’s Gas Gathering, Processing Segment Reported 4Q15 Loss

    ONEOK’s Natural Gas Gathering and Processing segment contributed only 6% to the company’s 4Q15 EBITDA. The segment’s EBITDA decreased due to non-cash impairment charges.

    By Rekha Khandelwal, CFA
  • uploads///EBITDA vs consensus estimates
    Earnings Report

    Higher Natural Gas Liquids Volumes Drive ONEOK’s 4Q15 Growth

    ONEOK Partners’ (OKS) EBITDA growth in 4Q15 was driven by increased NGL (natural gas liquids) gathering and fractionating volumes from recently connected natural gas processing plants.

    By Rekha Khandelwal, CFA
  • uploads///SEPs forward distribution yield
    Company & Industry Overviews

    SEP Trades at a Lower Yield than Its Historical Average

    Spectra Energy Partners trades at a forward distribution yield of ~5.7%. This is lower compared to its five-year average forward distribution yield of 6.2%.

    By Rekha Khandelwal, CFA
  • uploads///ONEOKs cash flows and capex
    Company & Industry Overviews

    ONEOK Focuses on Existing Businesses to Drive Growth

    ONEOK has suspended capital expenditures for certain natural gas– related projects. It intends to resume work on these projects when “market conditions improve.”

    By Rekha Khandelwal, CFA
  • uploads///oke ebitda by segment
    Company & Industry Overviews

    Natural Gas Liquids Segment Drives ONEOK’s EBITDA Growth

    After the separation of ONE Gas (OGS) and the closure of ONEOK’s (OKE) energy services segment in 2014, OKE now operates as a pure-play general partner of ONEOK Partners (OKS).

    By Rekha Khandelwal, CFA
  • uploads///weekly amlp  year tresaury yield spread
    Macroeconomic Analysis

    10-Year Treasury and MLP Yields Diverged

    In the long term, if Treasury yields fall and the spread doesn’t change, energy MLP yields should also fall. This could mean a rise in MLP unit prices.

    By Rekha Khandelwal, CFA
  • uploads///broker recommendations
    Earnings Report

    55% of Analysts Rated Enbridge Energy Partners a “Buy”

    Of the analysts surveyed by Bloomberg, 55% rated Enbridge Energy Partners (EEP) a “buy,” and 45% rated it a “hold.” None of the analysts rated it a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///eeps year to date returns
    Earnings Report

    Key Takeaways from Enbridge Energy Partners’ 3Q15 Results

    In this series, we’ll look at Enbridge Energy Partners’ revenue and EBITDA growth in 3Q15, the performance of its segments, and its distribution growth.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Earnings Report

    Will 3Q15 Results Change Enbridge Energy Partners’ Valuation?

    Enbridge Energy Partners’ forward EV/EBITDA multiple is 11.3. The forward ratio is based on the estimates for the current fiscal year’s EBITDA.

    By Rekha Khandelwal, CFA
  • uploads///oks quarterly distributions
    Earnings Report

    Why Have OKS’s Distributions Been Flat for Last Three Quarters?

    On October 21, 2015, ONEOK Partners (OKS) declared a quarterly cash distribution of $0.79 per unit. OKS’s distributions remained flat for the third consecutive quarter.

    By Rekha Khandelwal, CFA
  • uploads///EBITDA vs consensus estimates
    Earnings Report

    Will ONEOK Partners Match Higher 3Q15 Earnings Estimates?

    Analysts expect ONEOK Partners’ (OKS) 3Q15 EBITDA to be 7% lower than its 3Q14 EBITDA and 15% higher than its 2Q15 EBITDA. ONEOK Partners missed its 2Q15 EBITDA estimates by 2%.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Earnings Report

    Will 3Q15 Results Change ONEOK Partners’ Valuation?

    ONEOK Partners’ (OKS) forward distribution yield of 9.6% is 125 basis points higher than its peer average. It’s calculated as estimated distribution per share divided by market price per share.

    By Rekha Khandelwal, CFA
  • uploads///OKSs ebitda by segment
    Earnings Report

    Natural Gas Liquids Segment May Drive OKS’s 3Q15 EBITDA Growth

    The acquired West Texas LPG (liquid petroleum gas) pipeline system in the Permian Basin should continue to contribute to OKS’s Natural Gas Liquids segment’s transportation volumes in 3Q15.

    By Rekha Khandelwal, CFA
  • uploads///adjusted revenues vs consensus estimates
    Earnings Report

    Will ONEOK Partners Miss 3Q15 Consensus Revenue Estimates Again?

    The consensus revenue estimate for ONEOK Partners (OKS) for the third quarter of 2015 is $2.6 billion. OKS missed revenue estimates by 23% in the second quarter of 2015.

    By Rekha Khandelwal, CFA
  • uploads///OKS total returns compared to peers
    Earnings Report

    ONEOK Partners: 2015 Returns Exceed MLP Average

    In this series, we’ll take a look at ONEOK Partners’ revenue and EBITDA estimates for 3Q15 before its anticipated earnings release on November 3, 2015.

    By Rekha Khandelwal, CFA
  • uploads///EPS Estimates
    Earnings Report

    Kinder Morgan Misses 3Q15 Revenue and Earnings Estimates

    The 3Q15 consensus revenue estimate for Kinder Morgan was $3.8 billion, while the company’s actual revenue stood at $3.7 billion, a miss of 2.0%.

    By Kurt Gallon
  • uploads///KMIs operating results
    Earnings Report

    Kinder Morgan 3Q15 Earnings Release: Key Highlights for Investors

    Kinder Morgan reported its 3Q15 earnings on October 21, 2015. Its 3Q15 revenue fell to $3.7 billion from $4.3 billion in the third quarter of last year.

    By Kurt Gallon
  • uploads///US NG Inv
    Macroeconomic Analysis

    US Natural Gas Inventories Up Less than Expected

    US natural gas inventories in storage rose by 81 Bcf (billion cubic feet), causing inventories to rise to 3,814 Bcf in the week ending October 16.

    By Keisha Bandz
  • uploads///eeps ytd returns
    Earnings Report

    Enbridge Energy Partners’ Returns in 2015 Lag MLP Sector Returns

    Enbridge Energy Partners will report its third quarter 2015 results on November 2, 2015. It generated a total return of -27.3% since the start of 2015.

    By Rekha Khandelwal, CFA
  • uploads///adjusted revenues vs consensus estimates
    Earnings Report

    Why Are Enbridge Energy Partners’ 3Q15 Revenue Estimates Low?

    Enbridge Energy Partners’ natural gas assets are primarily located in Texas and Oklahoma, and are owned by Midcoast Energy Partners (MEP).

    By Rekha Khandelwal, CFA
  • uploads///Distribution Guidance
    Earnings Report

    Will Williams Partners’ Distributions Stay Flat in 2015?

    According to Williams Partners’ (WPZ) management, distributions are expected to stay flat for the rest of 2015.

    By Kurt Gallon
  • uploads///EBITDA Estimates
    Earnings Report

    Why Have Analysts Increased Williams Partners’ EBITDA Estimate?

    Wall Street analysts have increased WPZ’s 3Q15 EBITDA estimates despite the company’s significant misses in recent quarters.

    By Kurt Gallon
  • uploads///NG INV SNAPSHOT
    Macroeconomic Analysis

    Prices Fall on Higher-than-Expected US Natural Gas Inventories

    After the 100 billion cubic feet increase in the week ended October 9, 2015, natural gas inventories were ~13.6% higher than last year’s levels.

    By Keisha Bandz
  • uploads///ng inv
    Macroeconomic Analysis

    US Natural Gas Inventories Beat Expectations yet Prices Rose

    On Thursday, September 24, 2015, the EIA (U.S. Energy Information Administration) published its “Natural Gas Weekly Update” for the week ended September 18.

    By Keisha Bandz
  • uploads///Gainers
    Macroeconomic Analysis

    Antero Midstream Rose on Dropdown Acquisitioin Annoucement

    Antero Midstream Partners (AM) was the top gainer among midstream MLPs at the end of trading on Friday, September 18. It rose 3.65%.

    By Kurt Gallon
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